Mourant advises Suntec on entry to UK investment market
04 January 2021
Leading offshore law firm, Mourant has advised Suntec Real Estate Investment Trust on its inaugural investment in the UK, a £430m acquisition of a 50% interest in The Nova Building, Victoria, London.
The team, led by Joel Hernandez and assisted by John MacFeeters and Ellie Oury, handled the Jersey aspects of the acquisition and worked alongside the team at CMS Cameron McKenna Nabarro Olswang LLP who were acting as English legal advisors.
A Mourant finance team also worked on the deal, led by James Hill and assisted by Megan Woodward, to support the financing of the acquisition.
This investment is in the first phase of the mixed-use Nova Building, comprising two office buildings and a block of residential apartments. The net property income yield of 4.6% will provide a DPU accretion of 4.9% upon completion of the acquisition in December 2020.
Joel Hernandez said:
"We're delighted to have worked on this transaction, which has seen Suntec enter the UK investment space. The investment gives Suntec a key London addition to their existing portfolio of high-quality commercial assets in Singapore and Australia.
As always, it was a pleasure to assist CMS"